- The Indian stock market experienced a significant shift on Tuesday, slipping into the weakness zone with range-bound action and ending lower.
- The Nifty 50 index dipped 140 points and closed at the 22,302 mark, the BSE Sensex corrected 383 points and closed at the 73,511 level, while the Bank Nifty index lost 609 points and finished at the 48,285 mark.
- This marked a notable change in the market’s performance, with the India VIX index surging to a new 52-week peak of 17.64 and finishing 2.45 percent higher at 17.01 level, recording nearly 35 percent rise in one week.
Stock market today: Indian stock market slips into weakness zone, Nifty 50 index dips 140 points. Anand Rathi’s stock picks for today include TCS, HDFC Life, and DLF.
Market Performance and Predictions
The declining shares outnumbered the advancing shares as the advance-decline ratio stood at 0.40 on BSE, the lowest since 15th April 2024. All the sectoral Indices are closed in red except Nifty FMCG and Nifty IT. Nifty Reality, Metal, and PSU Banks fell the most among them. Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, provides his expert analysis and recommendations for the Nifty 50 index. He believes that the index has immediate support placed at 22,200 to 22,100 zone. If the 50-stock index maintains this support, then some relief rally can be expected. Dongre also predicts that Nifty may face a hurdle at 22,500 to 22,600 level.
Stock Picks for Today
For day trading stocks, Dongre recommends three shares to buy today — TCS, HDFC Life, and DLF. TCS: Buy at ₹3975, target ₹4075, stop loss ₹3920. With a major support in TCS share price around ₹3920, the current reversal price action formation at the ₹3975 price level could lead to a rally till its next resistance level of ₹4075. HDFC Life: Buy at ₹552, target ₹572, stop loss ₹542. In the short-term trend, HDFC Life share price has seen a bullish reversal pattern. DLF: Buy at ₹860, target ₹890, stop loss ₹840. We have seen a strong support in DLF share price around ₹840 rupees. So, at the current juncture, DLF share price has again seen a reversal price action and bullish candlestick pattern formation at the ₹860 price level, which may continue its rally till its next resistance level of ₹890.
Conclusion
The Indian stock market experienced a significant shift, with the Nifty 50 index dipping 140 points. However, expert analysis suggests potential for a relief rally if the index maintains its current support. For day trading, TCS, HDFC Life, and DLF are recommended as shares to buy today.
